Exam 28: Limited Liability Companies and Special Business Forms

Kalin, Liza, and other consumers form MuniMart Cooperative. This form of business organization makes it possible for these individuals to

Global Shipping Corporation and Harbor Warehouse Company transfer their property to Investment Managers, Inc., which manages the property and distributes the profits to Global Shipping and Harbor Warehouse. This form of a business organization is

Members of a limited liability company (LLC) can stipulate in their operating agreement how managers will be chosen or removed.

A cooperative cannot be incorporated.

Western Rodeo LLC is a limited liability company (LLC). Like other LLCs, for federal jurisdictional purposes, Western Rodeo is most likely a citizen of every state

If a dispute arises and the applicable limited liability company statute does not cover the issue, a court will most likely dismiss the case.

Tax Accounting, LLC, is a member-managed limited liability company. If the law in Tax Accounting's state is like the law in most states, unless the members have agreed otherwise, voting rights are apportioned according to

To form a limited liability company, articles of organization must be filed with the federal Small Business Administration.

Romero is a member of Smooth Operators LLC, a limousine service. Romero's relationship to Smooth Operators ends, but the firm continues to do business. This is

Lebron, Michael, Nolan, and O'Neill combine to buy a professional basketball franchise. Their selected form of business organization is an investment group, which is also known as

Generally, if a member dissociates form a limited liability company (LLC), the other members cannot continue to carry on the LLC's business.

Unless otherwise agreed, joint venturers share profits and losses equally.

Jeremy is considering forms of business organization, including the limited liability company (LLC), for his concessions business-Kettle Popt-Korn. Most states require that an LLC have

Outreach Security & Rescue, LLC, is a limited liability company. Unless the members have agreed otherwise, participants in the firm's management will be considered to include

Qatar Global Investments is a foreign entity-a firm owned and operated by investors in a foreign country. With respect to a limited liability company in the United States, Qatar Global can

Limited liability companies cannot enter into contracts or hold title to property.

Lightspeed Corporation and Mindful, Inc., two game creators, wish to combine their capabilities to make and market Nanoworld, a special limited-edition online game. The appropriate legal entity for this project is most likely

Valu Food Markets is an incorporated cooperative. Like other incorporated cooperatives, Valu Food distributes profits to its owners on the basis of

Dana is a member of Earthground Coffee, LLC, a limited liability company. Dana is liable for Earthground's debts

Bethany and Claiborne want to form a limited liability company to manage their business, DoReMi Music. Their state has adopted the Uniform Limited Liability Company Act, which has been adopted in